The THiNK Blog

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Transformation Through Strategic Resourcing

Nov 30, 2018 10:57:43 AM / by Raymond E. DiDonna posted in Insurance, Thought Leadership, Industry News

 

As much as technology promises to be a boom to the life and health insurance industry, our business is a still very much a people business. While Artificial Intelligence (AI) offers opportunities to streamline our risk management processes and improve the customer experience, the core of what we do is driven by humans handling complex decisions and nuanced interactions.

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The First Step in Digital Transformation: Process Review

Oct 31, 2018 12:48:34 PM / by Raymond E. DiDonna posted in Insurance, Thought Leadership, Industry News

The insurance industry is undergoing rapid digital transformation fueled by the average consumer’s desire/willingness to engage online. In a study released by EY Global, 80% of customers said they were willing to use digital and remote channel options for different tasks and transactions.

Digitization has the potential to dramatically increase customer engagement at a lower price point – both perennial challenges for the industry. It also has the potential to improve the underwriting process, leading to a better overall customer experience. Nevertheless, digital transformation requires more than simply applying technologies to current processes.

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2017 Insurance Industry Resolution Predictions

Jan 6, 2017 2:28:26 PM / by Megan Gardner posted in Insurance, Reinsurance, Innovation, Social Media

Now that you are back into the swing of things at work you’ve probably overheard or even talked to colleagues about New Year’s Resolutions. Maybe you want to read more books, go to the gym more, dedicate time for a digital detox? You’ve thought about resolutions for your personal life but what about at work?

Aside from perhaps being more organized or clearing out your inbox, have you considered what you hope to achieve as a business or even industry? I was curious to find out what this might look like for the insurance industry. What will its resolutions be for a successful New Year? I went on a mission to find out.

How? You might ask. I looked at our top performing blog topics in 2016 – and there were a few that our readers really sank their teeth into. I figured since these were top of mind in 2016, the industry might be looking to implement strategies around them in the new year. Find out my predictions below.

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5 Key Factors to Consider When Building Strategic Partnerships

Dec 9, 2016 1:59:16 PM / by Miguel Ceron posted in Insurance, Reinsurance

Partnerships exist in all aspects of our lives - whether they are in our personal relationships (spouses, friends, personal networks) or professional lives (colleagues, professional networks). In all cases – partnerships are meant to enhance current state of both parties and provide peace of mind, knowing you have a trusted partner to aid in specific aspects of your life.

Let’s consider this in a corporate B2B scenario, partnerships should be mutually beneficial in a way that allows both parties to improve their overall service or offering through a shared commitment to a common goal.

These commonalities should extend beyond (but do still include) simple things like “ways to increase profit” or “growing your client base”. Now, you might be asking…

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4 Reasons Millennials Should Seek Careers in Insurance

Dec 2, 2016 1:45:53 PM / by Megan Gardner posted in Insurance, Millennials

Do you remember what you wanted to be when you were growing up? As a millennial, growing up in the digital age, I can tell you that finding a career in insurance was certainly not at the top of my list. And I know I’m not alone. But here I am! The more I learn about the industry, the more I find myself spreading the benefits of a career in the insurance industry to my millennial peers. Let me give you some background…

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3 Inbound Marketing Trends the Insurance Industry Can Benefit From Today

Nov 20, 2016 9:00:00 AM / by Megan Gardner posted in Insurance, Social Media

What can an insurance professional like you learn from a conference dedicated to the inbound marketing movement? Well for starters, "the inbound methodology is the most effective marketing method for doing business online" - HubSpot. And in today’s digital age – who isn’t online?

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Artificial Intelligence Impact on Insurance

Oct 28, 2016 8:00:00 AM / by Max Kraus posted in Insurance, Reinsurance, Innovation, Life Insurance

Did you know that tweets could soon be used to help insurers price premiums? That’s right! Insurance companies are looking into ways to combine social media data with artificial intelligence and predictive modeling to inform coverage among other aspects of insurance programs. Or at least that is what Paul Lucas of Insurance Business Magazine explained in his recent article!

As someone new to insurance, reading about innovative ideas such as this gets me excited for the future of the industry. I mean, it really seems like the opportunities are endless! I had a similar ‘awe-inspired’ experience after recently hearing insights from The Insurance Disrupted Conference.

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Didn’t Think You’d End Up in Insurance? You’re Not Alone!

Oct 26, 2016 9:34:08 AM / by Miguel Ceron posted in Underwriting, Insurance, E-Learning / Training

There is an old joke in our industry that nobody actually grows up planning to be in insurance, you sort of just fall into it. While it may not be true ALL of the time, it is definitely a recurring theme among many of my industry peers – including myself.

For me, insurance was somewhat of a family business that I had a lot of exposure to growing up. After studying business, I decided that insurance was a logical step for me because I was familiar with the field. That was almost 10 years ago, and I have been building and enjoying my career in the insurance industry ever since.  

Many of our veterans within the life insurance industry are retiring and many more are expected to follow suit in the coming years.

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An Introduction to Tele-underwriting: 4 Articles You Need to Read

Jun 17, 2016 8:41:43 AM / by Megan Gardner posted in Underwriting, Insurance, Industry News

If you are in the underwriting industry, tele-underwriting is something you have likely heard of.  While it has been around for some time, there is a seemingly growing need for it. Perhaps, with the insurance industry experiencing changes, professionals are thinking more about catering to a generation that is digitally dependent and is accustomed to on demand services and minimal customer barriers. Both of which tele-underwriting cater to, to some extent.

The increasing interest in tele-underwriting has been a key topic of discussion at industry conferences such as the 2016 AHOU (Association of Home Office Underwriters conference) which our life underwriting experts had the opportunity to be a part of. While tele-underwriting is gaining momentum, there is still a lot to learn. To help bridge the knowledge gap on the world of tele-underwriting I put together a list of four must-read articles for you to get a better understanding of it.

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Big Data and Predictive Analytics in Life Insurance Underwriting - PART I

Jun 9, 2016 8:38:29 AM / by Mervyn Gillson posted in Underwriting, Insurance, Innovation

Big Data is a term that has gained momentum in recent years but the cause of it has been around for much, much longer. Industries have been collecting data for as long as they have been around but in recent years, more and more of it has been streaming in at incredibly fast speeds and volumes due to the facilitated process we know today. Additionally, the type of data coming in is  far more different in format: numerical, text, video, email, plus many more. The industries in which we operate, life insurance and reinsurance specifically, we can certainly attest to the fact that big data is on the rise.

So Big Data = extremely large volumes of data which can be analyzed to detect patterns... But how is the data classified, and how does it relate to the life insurance industry?

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